HANOI, Jan. 9 (Xinhua) -- Nearly 3,000 real estate projects across Vietnam have ground to a halt, tying up nearly 2.4 quadrillion Vietnamese dong (about 95.5 billion U.S. dollars), local media VnExpress reported Friday.
More than 80 percent of the projects have been stalled by legal issues, investment procedures, land pricing, and financial obligations, said the report, citing Deputy Minister of Construction Nguyen Van Sinh.
Removing the barriers will inject a significant supply into the market, supporting economic growth while easing mounting housing shortages, Sinh stated.
Despite 1,114 housing and urban area projects underway, offering about 529,000 units, he acknowledged that the market remains unbalanced, with a shortage of affordable housing and rising housing prices. ■